CrossBoundary Energy has secured a $140m senior debt commitment from Standard Bank of South Africa to expand its renewable energy portfolio across Nigeria and other African countries.
The funding represents the initial tranche of a $300 million senior debt package to be provided by Standard Bank. CrossBoundary Energy will fund the expansion of its energy-as-a-service solution to commercial and industrial clients.
Standard Bank of South Africa senior vice-president for energy and infrastructure, corporate and investment banking Jeanne-Marie Fatti stated: “There is a growing need for innovative energy solutions in Africa.
“Companies like CrossBoundary Energy are addressing this block holistically through energy systems that are financed, distributed and led by renewables. Standard Bank is committed to supporting pioneers like CrossBoundary Energy on their growth trajectory.”
CrossBoundary Energy offers financed renewable-led power solutions to African enterprises.
Its current portfolio includes $570m worth of projects across 18 African countries, featuring 330MW of solar and wind assets and 178 megawatt hours of battery energy storage solutions.
The funding will support the scaling of CrossBoundary Energy’s renewable energy projects for commercial and industrial clients across Africa, where access to reliable and affordable power is a significant challenge for business growth.
Despite the potential of service providers, access to finance remains a major barrier for companies seeking power solutions.
The International Energy Agency (IEA) estimates that $160bn annual investment is needed between 2026 and 2030 to meet climate goals, with the majority expected from the private sector.
CrossBoundary Energy president and chief investment officer Pieter Joubert stated: “Scalable, affordable infrastructure financing solutions are a catalyst to unlock reliable and affordable power access for businesses on the continent.
“Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa.”
Read also: Timely investment in renewable energy will transform Africa
CrossBoundary Energy received support from Cygnum Capital as exclusive financial adviser and Bracewell (UK) as borrower’s counsel. Trinity International acted as lenders’ counsel on this transaction.
In Africa, access to reliable and affordable power is one of the largest impediments to business growth. While service providers can solve this, access to finance remains an immense barrier to companies accessing that power. The IEA estimates that the energy transition will require $160 billion annual investment between 2026 and 2030 to align with climate goals, the bulk of which will come from the private sector.
Jeanne-Marie Fatti, Senior Vice President: Energy & Infrastructure, Corporate and Investment Banking at the Standard Bank of South Africa, remarked, “There is a growing need for innovative energy solutions in Africa. Companies like CrossBoundary Energy are addressing this block holistically through energy systems that are financed, distributed, and led by renewables. Standard Bank is committed to supporting pioneers like CrossBoundary Energy on their growth trajectory”.
Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy, added, “Scalable, affordable infrastructure financing solutions are a catalyst to unlock reliable and affordable power access for businesses on the continent. Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa”.
CrossBoundary Energy provides financed renewable-led power solutions to African enterprises. Its current awarded portfolio comprises $570M of projects across 18 African countries, with 330 MW of solar and wind assets and 178 MWh of battery energy storage solutions.
CrossBoundary Energy’s clients include leading businesses in the mining, industrial, and telecommunications sectors such as Rio Tinto, Unilever, Diageo, Heineken, the Devki Group, and IHS Africa.
The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites. CrossBoundary Energy is headquartered in Mauritius, with offices in Kenya, Nigeria, South Africa, and Ghana.
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